The news integration platform (formula news) reportedly made millions by automatically trading ACT two seconds after the listing announcement at the beginning of the month. However, the same strategy encountered a situation where the token price halved during the recent listings of WHY and CHEEMS on Binance. In response, formula news published a piece titled 'Not a News Announcement', accusing Binance's mouse warehouse of ruining market sentiment.
Formula news made over 100 million in one hour through algorithmic trading.
According to reports, ACT had a market value of only 20 million USD before it was listed, but it multiplied ten times within eight minutes after listing on Binance. At that time, an address spent 320,000 USD to buy in just two seconds after the listing announcement and made over 3.2 million USD in profits within an hour. Later, the team from the formula news acknowledged that this address belonged to them, and they also stated that they are not the so-called Binance mouse warehouse because the English version of Binance's listing announcement was earlier.
It was stated that this transaction was executed by their automated trading program, and later, the founder of formula news, Vida, discussed the listing strategies of major exchanges on Twitter. He also wrote: 'To news traders, bot traders, arbitrageurs, market makers, and anti-commission farmers: If you don't work hard under such good market conditions, you will regret it for four years. Take advantage of rich liquidity conditions, capitalize, and squeeze dollars as much as possible. Long live the great wealth transfer.'
CHEEMS listed on Binance and experienced a sharp decline; formula news: the mouse warehouse is ruining trading sentiment.
However, compared to the success of the previous news transaction, the next transaction by formula news may not be so good. CHEEMS fell over 57% shortly after announcing its listing on Binance, and WHY also fell over 29%.
In response, formula news also published a piece titled 'Not a News Announcement': Regarding the insider traders on Binance contract listings: please slowly sell your mouse warehouse in the future. The crash you caused on WHY and CHEEMS results in a 100% negative return for every participant in the game; you are destroying trading sentiment.
Indeed, for many altcoins or meme coins, getting listed on Binance may already be a common goal, even a marketing tool. The case of ACT also shows how immense the sentiment and liquidity brought by being listed on Binance can be, but does listing on Binance necessarily mean making money? The cases of CHEEMS and WHY may yield different conclusions, and perhaps we should think about why everyone is focused on being listed on Binance? Is being listed on Binance the endpoint for a cryptocurrency?
This article once earned over 100 million through algorithmic trading of news events; formula news: CHEEMS's Binance mouse warehouse is ruining market trading sentiment. It first appeared in Chain News ABMedia.
